Short sales allow a homeowner to close on the sale of property when it is worth less than the debts secured by it. Typically, the lender agrees to accept the net proceeds from a closing in exchange for releasing its lien. Lenders are not agreeing to a short sale to be generous, they are convinced that it will come out better than it would by foreclosing on the home and pursuing the borrower for its losses.
While the procedures for a short sale will vary from lender to lender, most lenders need to be convinced of the following:
The Sales Price Is Not Too Low
The sales price of contract is equal to what they would be able to sell the property for after a foreclosure. While the lender may review the market analysis provided by the agent, they will often confirm the market analysis by contacting its own sources, such as an appraiser.
All Costs Associated With The Sale
The commission for the transaction is equal to the commission it would pay its agent for selling the home after foreclosure. The lender will need to know as precisely as possible the amount of proceeds it can expect to receive from the sale.
A Good Reason They Should Accept It
The lender will want an explanation of the circumstances, which caused short sale in the first place. These usually include death, medical problems, divorce, loss of a job, or a job displacement requiring a move.
A Financial Package On The Seller
The seller doesn't have the resources to make up the mortgage shortfall on their own. The lender will require a full assessment of the financial condition of the seller. Financial statements, income and expenses, tax returns and the seller's paycheck stubs should be provided. The seller's financial condition is a tricky proposition. While the lender will be reluctant to approve a compromise without reviewing strength of the seller, this information will help the lender in pursuing the seller for a post-foreclosure deficiency if the short sale does not take place.
So What Is The Risk?
A seller with few assets, little or no income, and a willingness to file bankruptcy has little to lose by providing this information. Those with other assets, a good job with garnishable wages, or a desire to avoid bankruptcy will put themselves at risk in the process. Those considering a short sale need expert legal advice regarding the wisdom of submitting financial information to the lender.
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402 Miami Street UNIT Unit A
Ladson, SC 29456
College Park Duplexes
Residential
MLS# 26016910 / Active
BACK ON THE MARKET ! THIS HOME IS PRICED TO SELL! THE SELLER IS HIGHLY MOTIVATED AND WELCOMES ALL REASONABLE OFFERS. CONVENIETLY LOCATED AND OFFERI...
Reduced -$10,099
1649 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016908 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
823 Winthrop Street UNIT B
Ladson, SC 29456
College Park Duplexes
Residential
MLS# 26016907 / Active
*** SELLER OFFERING THE BUYER A $5000 CONCESSION TO USE FOR A RATE BUY DOWN OR THE BUYERS CLOSING COSTS!!!***Welcome to this beautifully updated ha...
8 Battery Park Road
Edisto Island, SC 29438
Ocean Ridge
Residential
MLS# 26016905 / Active
Stunning creek & golf course views from this well cared for home overlooking the 14th green. Enter the foyer - views thru to the golf course! There...
1005 Waterwood Drive
Goose Creek, SC 29445
Greenslake Condominiums
Residential
MLS# 26016903 / Active
Step into contemporary elegance with this stunning end-unit condo, perfectly nestled amidst nature`s embrace. Boasting 2 spacious bedrooms and 2 lu...
1040 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016897 / Active
This spacious two-story home features a formal dining room, study and an open kitchen/living space with quick access to the patio for outdoor livin...
475 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26016896 / Active
FINAL 2 END UNITS! 30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant ...
Reduced -$9,800
754 Clay Field Trail
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016895 / Active
*Est. Completion Sept 2026* The Tradd plan- This Charleston style home features a first floor owners suite, wrap around front porch and large loft....
Reduced -$5,750
2069 Kings Gate Lane
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26016894 / Active
Welcome to 2026 Kings Gate Lane, a beautifully updated luxury townhome nestled within the highly sought-after Dunes West community in Mount Pleasan...
5736 Allison Avenue
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 26016889 / Active
Cutest little cottage! This updated cottage comes fully furnished with a great fenced in backyard. The double gates on the side fence allow for you...
45 Eastlake Road
Mount Pleasant, SC 29464
Ion
Residential
MLS# 26016887 / Active
Meticulously reimagined and effortlessly elegant, this newly renovated home delivers the best of I`On living, with the rare bonus of a carriage hou...
8032 Shadow Oak Drive
North Charleston, SC 29406
Oak Bluff
Residential
MLS# 26016886 / Active
Here`s your chance to get a great deal in Oak Bluff - 8032 Shadow Oak Drive is fully renovated and move-in ready with nothing left to do! New roof ...
1042 Adirondack Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016885 / Active
The Primrose, like our popular new model home in Heron`s Walk! Upon entry, you will be greeted with a spacious entry hall. The open layout offers a...
Reduced -$10,000
232 Birmingham Drive
Summerville, SC 29486
Sangaree
Residential
MLS# 26016883 / Active
Discover a masterfully reimagined retreat at 232 Birmingham Drive, where modern luxury meets lowcountry charm on a coveted corner cul-de-sac lot. T...
518 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016878 / Active
Spacious 5-Bedroom Mansfield Floorplan in Carolina Groves with Open-Concept Living & Flexible Layout in Moncks CornerWelcome to 518 Tulip Poplar Dr...
Reduced -$4,845
524 Trotters Lane
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26016877 / Active
This beautifully maintained home has over $16K in aftermarket upgrades to include an accent wall with fireplace, ship lapped kitchen island, pendan...
207 Cozy Brook Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016876 / Active
Nestled on a quiet cul-de-sac, this inviting home offers the perfect blend of comfort, functionality, and Lowcountry charm. Step inside to discover...
1520 Faith Street
Mount Pleasant, SC 29466
Hamlin Plantation
Residential
MLS# 26016874 / Active
THE quintessential southern classic colonial awaits! This home stands apart with its classic entry, gas lantern & mature palms framing a beautifull...
Reduced -$30,000
302 Freeland Way
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26016873 / Active
Welcome to your serene suburban oasis! Nestled in a sought-after cul-de-sac, this captivating 4-bedroom, 2.5-bathroom home is a true sanctuary, off...
8867 Salamander Road UNIT #37
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26016870 / Active
Welcome home to the Compass floor plan, a well-designed 3-bedroom, 2.5-bath home offering modern finishes and low-maintenance living. Home includes...
Reduced -$10
894 Rutledge Avenue
Charleston, SC 29403
North Central
Residential
MLS# 26016869 / Active
Fully and masterfully restored historic Craftsman style home that seamlessly blends timeless architectural character circa 1935 with modern functio...
Reduced -$20,000
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